Economic System (Overview/Definition)

(Defnt)Econimic System: is a system (or set of rules) that involves producing, distributing & consuming the goods and services across several entities in a soceity.
(Consists )Econimic System: is composed of people and institutions, including their relationships to produce the resources, such as Convention of property.

1:Overview:
Economic System is a set of methods and standards brought by which a society organizes the allocation and distribution of goods, services or economic resources.
At one extreme, there are private enterprises, where the resources were owned privately and distributed accordingly. It was like, production was out of their own interest , and the distridution was of social interest.
And at the other extreme, there is this KarlMarx, VladimirLenin prophecies, where the standards lead to the theory that all the resources are owned publicly, so is the way to minimizing the inequalities of wealth-indifferences among several social objectives.
Apart from this, there are several questions which needs to be anwered..Some like..regarding the Scarcity problem..like 'what to produce'..'how to produce', 'how to distribute' n 'who gets what is distributed'.
Basic Types of Economic System:
The general classification of the Economic System:

1. Market Economy(gerenal basis for all types of Hands-off Economic System, e.g., Captialism)
2. Mixed Economy (incorporation of both Market &Planned Economy)
3. Planned Economy(basis for several hands-on Economic Syste, e.g., Socialism)
4. Traditional Economy( The most oldest and trditional way of economy)
5. Participartory Economy (new recent proposals for a new Economic system)
6. Inclusive Democracy (a project for a new political and economic syste)

2:Division of Economic Systems:
Dvision of Economis Systems is mostly done on 2 aspects.
Hands-On System: Where the system is gorverned by the state or soceity to pick the goods and state the aim of social-justice and thereby leading to the elimination of inequalities in the wealth-levels among several economic classes.
Hands-Off System: Hands off economic system gives much power to the private-individuals to make those decisions as par their concern, leaving behind the social-welfare. Government involvement is limited.